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Medco Energi Established JOC to Develop Area 47 Libya

Source: www.gulfoilandgas.com 3/25/2013, Location: Africa

PT Medco Energi Internasional, through its subsidiary Medco International Ventures Limited (MedcoEnergi), proudly announced the official establishment of the Joint Operating Company (JOC) with its partners, the National Oil Corporation of Libya (NOC) and the Libyan Investment Authority (LIA).

Following the Company's success in exploration program (18 out of 20 wells were discovery well - a success rate of 90%), the Commerciality Declaration of some of oil and gas fields out of 16 discovery fields in the Area 47 was given to the Company on 14 December 2011. Subsequently, the JOC is established to act as the Operator for development and production phases of in the Area 47. In this JOC, namely Nafusah Oil Operations B.V., MedcoEnergi will own an interest of 24.5%, while NOC and LIA will own interest of 51% and 24.5% respectively. Additionally, the Management Committee (MC) that oversees both Medco International Ventures Limited as the Operator of the Exploration/Appraisal Phase and Nafusah Oil Operations B.V. as the Operator of the Development/Production Phase has obtained new members. The new MC membership that consist of four officer members - of which two persons are from NOC, one person is from LIA and one person is from MedcoEnergi, were formally appointed on 25 February 2013.

The production from Libya Area 47 is envisaged to start in 2016 with an ultimate production plateau of 50,000 BOPD. The development project is planned to monetize about 300 MMBOE of recoverable reserves from six (6) out of sixteen (16) oil and gas fields that were discovered so far in Area 47. Total capital investment is estimated at about US$ 900 million, comprising of US$ 280 million for drilling and US$ 620 million for surface facilities. MedcoEnergi’s portion will be approximately US$ 220 million.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi, expressed that "MedcoEnergi is very pleased with this accomplishment, following up the Commerciality Declaration in December 2011. The development of Area 47 Libya sets an important milestone of Libya's oil production from a new field development, and contributes to significant income to the country as well as to the Company." Lukman also added that "We are very excited for the remaining 10 fields, that were discovered, are being appraised right now for the next stage of development."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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